Cobra's Market View

Careful, could be back test of the previous high failed, so the market is trying the other direction.

what happened to NVDA? Waterfall...

usually the pullback target is the previous consolidation area.

looks like my good deal is working
oil above $105 and Dow below 12240 so far

Double Bottom reversal, let's see how far can this go.

Crude
Careful.
http://99ercharts.blogspot.com/2011/03/crude_08.html

XLF really trying to get past the 20dma at $16.80. Just can't make it for now.
If it does by EOD, I expect the gap to fill.

Very tight support and resistance, market is cluless I guess.

15-minutes chart:
if a clear red body appeared in Dow here near 12220 and then price droped to 12170 area before advancing to 12250, then this is a very bearish pattern for tommorow. But if it continue up to 12240-12280 area then forget what I just said.

Say it ain't so Cobra. Market is up so far and my lunch and dinner money will be coming shortly.

If SPX can bang past 1324 then it will head for 1327-1330 for the close IMO.

Cobra wrote:Very tight support and resistance, market is cluless I guess.

Long Bond
http://99ercharts.blogspot.com/2011/03/30y_08.html
Bonds, Ben.

Watchout for that IHS on SPX 1-min chart?

Still in small range. My guess is that it might be unable to breakout on the upside because green curve (FXA:FXY) and pink curve (TLT) are not saying strong market.

Bigger picture is not clear either, no lower low for sure, but still no higher high yet, so market is cluless too.

Done for the day. Thanks Cobra.

Cobra,

It seems that we shall hold both long and short overnight?

SPX
Daily chart hints that the possible Diamond Top needs a couple days to become polished.
http://99ercharts.blogspot.com/2011/03/spx_205.html
Patience is a virtue.

greenback wrote:Cobra,

It seems that we shall hold both long and short overnight?

Yes, purely from short-term model, hold both long and short. The model works perfect recently, if you saw Friday long at close and again Monday long at close. The Friday's long should be out on failed Monday gap up, while Monday's long at close now should have enough buffer to withstand a morning gap down, so should hold. In fact, Monday long at close will hold for awhile, until either the next failed long setup or the current stop loss being triggered (means a losing trade).

Well, guess, that's if for today. We've had a very boring day and as mentioned moment ago, the market shows no clear direction so we'll have to wait until tomorrow. Thank you guys, I'll see you tomorrow!

Cobra wrote:

greenback wrote:Cobra,

It seems that we shall hold both long and short overnight?

Yes, purely from short-term model, hold both long and short. The model works perfect recently, if you saw Friday long at close and again Monday long at close. The Friday's long should be out on failed Monday gap up, while Monday's long at close now should have enough buffer to withstand a morning gap down, so should hold. In fact, Monday long at close will hold for awhile, until either the next failed long setup or the current stop loss being triggered (means a losing trade).

Agree ... Cool!